REG - Ashtead Tech Hldgs - Acquisition of WeSubsea

Ashtead Technology HoldingsAnnouncement

05/09/2022 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220905:nRSE1926Ya&default-theme=true

RNS Number : 1926Y  Ashtead Technology Holdings plc  05 September 2022

5 September 2022

Ashtead Technology Holdings plc

("Ashtead Technology" or the "Group")

 

Acquisition of WeSubsea

 

Ashtead Technology signs agreement to acquire specialist subsea dredging
technology business

 

Ashtead Technology, the international subsea rental equipment and solutions
specialist, is pleased to announce it has signed a sale and purchase agreement
to acquire the entire share capital of WeSubsea AS ("WeSubsea") on a cash
free, debt free basis, for total consideration of NOK 65 million (£5.6m),
subject to adjustment for normalised working capital.  The Consideration will
be paid in cash on the date of completion, which is expected to be during Q4
of 2022.

 

Founded in 2010, WeSubsea is a specialist in subsea dredging technology
solutions supporting customers globally from its operating base in
Aberdeenshire, UK.  The business generated revenues of £1.9m, Adjusted
EBITDA of £1.1m and Adjusted EBITA of £0.9m in FY21.  The purchase is
expected to be earnings enhancing and exceed the Company's cost of capital in
its first full year of ownership.

 

This will be the Group's sixth acquisition in the past five years,
demonstrating its commitment to growing its capability and service offering
through M&A to support customers' operations globally.

 

Allan Pirie, Ashtead Technology's CEO, said: "WeSubsea is a pioneering
technology business with an excellent reputation and strong customer service
ethos. Its fleet of high-performance dredge systems and strong technical
know-how will be a great strategic fit for our business and will complement
our extensive range of dredging, cutting, coating removal and ROV tooling
solutions and services.

 

"The acquisition underlines our ambition to be a global leader in IMR and
decommissioning through providing one of the widest subsea equipment and
service offerings in these fields to support our customers operations across
the offshore energy sector.  This is a great example of a business which has
predominantly supported the offshore oil and gas market but can be
repositioned into the offshore renewables space through leveraging Ashtead
Technology's international network."

 

For further information, please contact:

 

 Ashtead Technology                           (via Vigo Consulting)

 Allan Pirie, Chief Executive Officer

 Ingrid Stewart, Chief Financial Officer

 Vigo Consulting (financial PR)               Tel: +44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 Numis Securities Limited (Nomad and Broker)  Tel: +44 (0)20 7260 1000

 Julian Cater

 George Price

 Jonny Abbott

 Kevin Cruickshank (QE)

 

Notes to editors:

 

Ashtead Technology is a leading subsea equipment rental and solutions provider
for the global offshore energy sector.  Ashtead Technology's specialist
equipment, advanced-technologies and support services enable its customers to
understand the subsea environment and manage offshore energy production
infrastructure.

 

The Company's service offering is applicable across the lifecycle of offshore
wind farms and offshore oil and gas infrastructure.

 

In the fast-growing offshore wind sector, Ashtead Technology's specialist
equipment and services are essential through the project development,
construction and installation phase. Once wind farms are operational, Ashtead
Technology supports customers with inspection, maintenance and repair ("IMR")
equipment and services.  In the more mature oil and gas sector, Ashtead
Technology's focus is on IMR and decommissioning.

 

Headquartered in the UK, the Company operates globally, servicing customers
from its nine facilities located in key offshore energy hubs.

 

Upon publication of this announcement, this information is now considered in
the public domain.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQSSMEFLEESEEU